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19.11.2021

The evolution of monetary indicators in Octomber 2021



In Octomber 2021, the monetary base1 increased by MDL 1,372.6 million (2.4%) compared to the previous month and amounted to MDL 58,519.6 million, being 12.3 percent higher than in Octomber 2020.

Money supply M02 (currency in circulation) decreased by MDL 4.3 million or by 0.01 percent compared to September 2021 and amounted MDL 31,922.0 million, by 15.4 percent more than in Octomber 2020 (chart 1).

Chart 1.
The evolution of the money supply in Octomber 2021 compared to the previous month, billion MDL3

Money supply M14 increased by MDL 715.6 million or by 1.2 % compared to September 2021 and amounted MDL 60,160.2 million, being 18.7 % higher than in the similar period of the previous year.

Money supply M25 increased by MDL 751.6 million or by 0.9% compared to September 2021 and amounted to MDL 82,132.3 million, by 15.7% more than in the similar period of the previous year.

Money supply M36 increased by MDL 780.7 million (0.7%) compared to September 2021 and amounted MDL 117,206.8 million, being 16.0 percent higher than in Octomber 2020.

Chart 2.
Dynamics of bank deposits7, %

* change from the similar period of the previous year.

The balance of deposits in domestic currency increased by MDL 755.9 million compared to the previous month and amounted to MDL 50,210.3 million, representing a share of 58.9% of the total balance of deposits, that of foreign currency deposits (recalculated in MDL) increased by MDL 29.1 million, up to the level of MDL 35,074.5 million, having a share of 41.1% (chart 2).

Balance of claims on the economy8 amounted to MDL 57,016.2 million and increased by MDL 562.1 million (1.0%) in the reporting month, as a result of the increase of claims on economy in the domestic currency by MDL 545.0 million (1.4%). At the same time, claims on economy in foreign currency (expressed in MDL) increased by MDL 17.1 million (0.1%) (chart 3).

It should be noted, that claims on the economy in foreign currency, expressed in USD, increased during the reference period by USD 9.5 million (0.9%).

The increase in the balance of claims on the economy in the domestic currency was determined by the increase of claims on other resident sectors (including individuals) by MDL 463.8 million (2.1%) and the balance of claims on the non-financial commercial companies, which majority ownership is private by MDL 291.2 million (2.0%). At the same time, the decrease in the balance of claims on the non-banking financial sector by MDL 195.3 million (22.0%) and the balance of claims on the sector of non-financial commercial companies, which majority ownership is public by MDL 14.6 million (2.9%) negatively influenced the above-mentioned indicator.

Chart 3.
Dynamics of claims on economy

* change from the similar period of the previous year.

The increase in the balance of claims on the economy in foreign currency (expressed in MDL) was determined by the increase in the balance of claims on the non-banking financial sector by MDL 59.2 million (6.6%) and in the balance of claims on other resident sectors (including individuals) by MDL 0.5 million (0.1%).

At the same time, the balance of on the non-financial companies, which majority ownership is private decreased by MDL 40.3 million (0.2%) and the balance of claims on the non-financial companies which majority ownership is public by MDL 2.3 million (4.0%).

 


1. The broad monetary base includes money put into circulation by the National Bank of Moldova (except  cash in the vault of the National Bank of Moldova), bank reserves in lei (held in the corresponding accounts with the National Bank of Moldova), required foreign currency reserves, deposits “Overnight” of banks and sight deposits of other organizations at the National Bank of Moldova.

2. Currency in circulation M0 represents cash issued by the National Bank of Moldova, except for cash in banks and NBM vault.

3. The aggregate data may not correspond exactly to the sum of the components due to mathematical rounding.

4. M1 money supply includes currency in circulation (M0) and resident’s domestic currency sight deposits.

5. Money supply M2 includes money aggregate (M1), term deposits in Moldovan lei of residents and money market instruments.

6. M3 money supply includes M2 money supply and foreign currency deposits denominated in Moldovan lei.

7. Deposits are structured by institutional sectors, in accordance with the Instruction on how to complete by the licensed banks the Report on monetary statistics (Official Monitor of the Republic of Moldova no. 206-215 of January 2, 2011). Other resident sectors include sectors of the household (individuals, working individuals) and non-profit institutions serving households.

8. According to the IMF methodology, from the total claims on the economy (including the data from banks in the process of liquidation) are excluded loans to non-residents, interbank loans and loans to the Government of the Republic of Moldova.

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